US STOCKS-S&P, Nasdaq set to open lower after four-day rally

(For a live blog on the U.S. stock market, click LIVE/ or
type LIVE/ in a news window.)
* U.S. new weekly jobless claims drop below 2 million
* J.M. Smucker falls on weak sales forecast for 2021
* American Airlines up on plans to boost U.S. flights in
July
* Futures off: Dow 0.44%, S&P 500 0.55%, Nasdaq 0.27%

(Adds comments, background, updates prices)
By Devik Jain and Shreyashi Sanyal
June 4 (Reuters) - U.S. stock indexes were set to open lower
on Thursday as a rally fueled by optimism over an economic
rebound from a coronavirus-led downturn ran out of steam even
with weekly jobless claims dipping below 2 million for the first
time since mid-March.
Wall Street's main indexes have rebounded in the past few
sessions, with the tech-heavy Nasdaq index .IXIC now 1.4% away
from surpassing an all-time closing high hit in February.
"The market is due for a pause," said Christopher Grisanti,
chief equity strategist at MAI Capital Management in Cleveland,
Ohio.
"It's really important to realize that U.S. equity investors
have been given a great gift in the middle of what is probably
the deepest recession in 80 years," he said, referring to the
strong run for Wall Street since late-March.
A report from the Labor Department showed new claims for
state unemployment benefits totaled 1.877 million for the week
ended May 30, down from 2.126 million in the prior week.
Economists polled by Reuters had forecast 1.8 million initial
claims in the latest week.
The focus will now shift to the closely watched employment
report for May, due Friday, which is expected to show
unemployment rate rocketing to 19.8%, a post-World War Two
record.
Meanwhile, U.S.-China tensions continued to simmer as Hong
Kong's Legislative Council passed a bill that would criminalize
disrespect of China's national anthem, a move seen as the latest
sign of Beijing's tightening grip on the city. The nationwide protests over the death of an unarmed black
man in police custody dwindled overnight into early Thursday
after prosecutors leveled new charges against four Minneapolis
policemen implicated in the killing. At 8:34 a.m. ET, Dow e-minis 1YMcv1 were down 115 points,
or 0.44%. S&P 500 e-minis EScv1 were down 17.25 points, or
0.55% and Nasdaq 100 e-minis NQcv1 were down 25.75 points, or
0.27%.
American Airlines Group Inc AAL.O rose 8.7% premarket
after the airline revealed plans to fly more than 55% of its
July 2019 domestic capacity and boost its U.S. flight schedule
next month. Jif peanut butter maker J.M. Smucker Co SJM.N fell 4.4%
after the company forecast a decline in full-year sales on
weakness in sales to restaurants and schools.